Money Worries

Paul and I went to the bank today to get pre-approved for a construction loan. It was a pretty stressful experience for me. They approved us for slightly more than I expected and explained how much money we would need to come up with (for the contingency fee, closing costs, appraisal fees,...) before we could get the loan. I am afraid of using all of our savings. I 'm also freaked out about the possibility of having to spend alot more than our estimate (which we are still waiting for).

We met with a senior manager at Scotiabank and he told us that alot of houses never get finished because many contractors low ball their estimates and the homebuilder/owners don't end up having enough money to complete the house. Then he asked us if we've seen all of the unfinished houses around the island. Paul and I looked at each other because just the other day we were talking about all the unfinished houses on the island. I don't want to be the owner of an unfinished house, especially one that drains my bank account. The bank officer said that he would try to get some info on our contractor for us.

When I got home went on the MLS and started looking for houses. Finished houses. I figured that if I'm going to drain my bank account it should be for a finished house. Don't get me wrong, I haven't given up on building a house, but I am exploring my options, at least while I wait or our estimate and for a review of our potential contractor.

Yay! We Got Our New Plans

So our new/revised plans are done and are at the Department of Planning and Natural Resources (DPNR) awaiting approval. On July 15th, we were told it would take six weeks to get our finalized plans. Today is September 22nd, which means it took ten weeks to finalize the plans. So the plans weren't ready when initially promised, but based on our previous experience I can't complain about the plans being four weeks late. The original plans submitted to DPNR had ten pages of drawings, the new/revised ones have 23 pages. Unlike when we submitted our original plans, now there is nothing I am planning on changing after we get our plans approved. I am really pleased with our new/revised plans.

We've made some progress, but there is more to do. Here our some of our next steps while we await approval from DPNR.

1) Since it has been more than a year since we got pre-approved for a mortgage, we need to go back to the bank and get pre-approved again.

2) Think about our finishes (flooring, windows, doors, counters, cabinets, fixtures,...)

3) Hope DPNR makes us make no or minimal changes.

We are also waiting for revised construction estimates.

If I Don't Win It You Should! HGTV Urban Oasis

Enter to Win an "urban oasis" in New York City. HGTV is giving away another home. I hope I win it. If I do, I'll still work on building my home here on St. Thomas. Check it out: http://www.hgtv.com/hgtv-urban-oasis-2010-giveaway/package/index.html

After you enter to win, you should check out the construction of HGTV's Dream Home 2011.

Look for an update on my progress soon.

Any Day Now?

I should have my completed plans soon. Paul and I have met with the engineer drawing the plans several times to discuss the details. The last time we spoke to him, he said he was almost done. Besides, the architect he works for, told us we should have our plans in 6 weeks. I'll let you know as soon as our plans are ready.

On another note, we survived Hurricane Earl and five and a half days without power (no lights, no internet, no running water, no fans and no nighttime breeze). I really hope we are able to get solar power for our home and I don't have to rely on the Water and Power Authority (WAPA) any more.